Gold prices held steady on Tuesday (September 23) after reaching record highs, but JPMorgan Chairman and CEO Jamie Dimon warned the rally could be part of a broader bubble across asset classes.
Spot gold was trading at $3,743.39 per ounce as of 0238 GMT, after climbing to an all-time high of $3,759.02 an ounce earlier in the session. US gold futures for December delivery edged up 0.1% to $3,779.50 an ounce.The move comes as the US dollar index slipped 0.1%, making gold cheaper for overseas investors.
At the sidelines of the JPMorgan India Investor Conference in Mumbai, Dimon said optimism in global markets has been driving asset prices to historic levels.
“We’re getting in bubble stuff here. I’m not saying I don’t know where we are, but there’s a lot of positive sentiment out there driving a lot of asset prices — highest stock prices ever, highest gold ever, highest crypto ever,” Dimon told CNBC-TV18.
Dimon’s cautionary note comes amid strong investor demand for safe-haven assets and expectations that the US Federal Reserve will continue easing policy.
The Fed last week cut rates by 25 basis points, citing labour market conditions, and hinted at further cuts, though policymakers remain divided on inflation risks.Market analysts remain watchful of near-term corrections.
“The short-term trend is still bullish intact, but on an intraday basis, we do expect a short-term pullback more due to technical factors,” said Kelvin Wong, senior market analyst at OANDA.
He pegged key support levels at $3,710 and $3,690 an ounce, as per Reuters report.
Investors are now awaiting Fed Chair Jerome Powell’s speech later on Tuesday (September 23) for fresh cues. Meanwhile, internal Fed debate continues.
Newly appointed Governor Stephen Miran said that the central bank is misjudging the tightness of monetary policy and risks hurting jobs without aggressive cuts — a stance at odds with colleagues urging caution on inflation.
First Published: Sept 23, 2025 9:10 AM IS
